The Conservation Fund Acquires 3,654-Acre Richmond Ranch at Discount
Richmond Ranch, a 3,654-acre property near San Jose, has been sold to The Conservation Fund (TCF), a nonprofit organization committed to preserving U.S. land and water. Z&L Properties, a China-based investor and developer of residential properties, sold the property for $16 million. Kidder Mathews’ Scott Vix, David Wientjes and Skip Whitney represented Z&L Properties.
Richmond Ranch is along Coyote Ridge, home to many endangered species, and has been a conservation priority for nonprofits and government agencies for many years. Z&L Properties sold the land at a discount of the appraisal value of $35 million.
Z&L expressed delight at working with TCF, placing profits as a secondary condition and help the new owner achieve their conservation goals, according to Kidder Mathews. The Gordon and Betty Morre Foundation and the Wildlife Conservation Network provided financial support for the purchase.
“Through the structure of the transaction, Z&L Properties has demonstrated their commitment to the conservation of open space and supporting the communities where they build housing,” said Vix.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).